Smart Speaker Market Analysis by Development Status, Trends and Competitive Landscape

komal boudhh

Junior Member
Joined
Oct 16, 2020
Posts/Comments
78
Received Likes
1
Location
Pune
ETX
0
Emergence of smart homes, technological advancements in the consumer electronics space has initiated significant growth in the smart speakers’ market. According to the latest report published by Market Research Future (MRFR), the smart speaker’s market is projected to showcase lucrative growth with a 34.7% CAGR during the forecast period.

A smart speaker is a wireless speaker, enabled using a Wi-Fi connection, Bluetooth or other wireless protocols. It is powered by an intelligent virtual assistant, enabling activation using a single ‘hot word’ or multiple ‘hot words’. Such hot words trigger automated speech recognition and enable the speaker to follow commands. This allows a user to operate the speaker without any physical contact.

The smart speaker’s market is estimated to register lucrative growth owing to the proliferation of smartphones, development of automated speech recognition technology, and rise in the adoption of smart home devices. However, the smart speaker’s market is expected to witness hinderance in the growth and demand due to data security concerns. The microphone integrated in the smart speaker’s system has been feared to capture audio outside of strictly after hot word detection.Know more